Ein hedonischer Immobilienpreisindex auf Basis von Internetdaten 2007–2011
The “Great Recession” has painfully demonstrated the impact of real
estate price declines on real economic activity. Because of this,
closely examining real estate price changes is important for business
cycle analysis and economic policy. However, most real estate price
indices for Germany are either low frequency or out-dated and thus of
limited use. Additionally, existing indices are highly aggregated and
thus exacerbate a regional analysis or an analysis for different real
estate market segments. In this paper, we construct hedonic price
indices for various cities as well as categories based on the data of
the internet platform Immobilienscout24. Compared to already existing
indices, our indices exhibit the advantage of real time availability on
monthly frequency. The computed indices indicate that real estate prices
in Germany were under pressure during the financial crisis. However, at
the cutting edge prices are rising again, especially for new buildings
in conurbations.
Publications
Project start:
01. January 2010
Project end:
31. December 2011
Project staff:
Philipp David An de Meulen, Martin Micheli, Prof. Dr. Torsten Schmidt,
Prof. Dr. Thomas K. Bauer
Project partners:
Immobilienscout24